This research brief summarizes data available on master's degree students and recipients, including data on characteristics of master's degree students; financial support for master's students; growth in number of master's degrees awarded; number of master's degrees earned by gender and by race/ethnicity; the most popular fields, by gender, race/ethnicity, and citizenship; and economic value of a master's degree. The data indicate that, in 1989-90, more than half of master's degree students were women, most were white, more than half were age 30 or older, more than two-thirds were enrolled part time, and the majority was enrolled at public institutions. Only two-fifths of master's level students received some type of financial aid. In 1990, the number of master's degrees awarded surpassed the 1960 number by more than four times. A substantial portion of the tremendous growth is traced to increases in practice-oriented or career-oriented fields. Recent gains are primarily due to increases in the number of foreign students earning master's degrees. Earning a master's degree has a definite economic payoff. The paper concludes with 8 end notes, descriptions of several data resources, and a bibliography of 16 items. (JDD)